The Challenge of Growing a Business

Feb 18, 2016 08:06AM
● Published by Warren Williams

It’s no secret that building a business is hard work. A
popular definition of an entrepreneur is someone who trades 40 hours for 80,
and that isn’t far from the truth. I’m sure there are some of you who would
feel that 80 hours would be a relief!

Statistics show that a
sizable number of small businesses fail, for a variety of reasons. So what does
it take to beat the odds, to create something that has staying power, that can
survive the inevitable challenges that every business must face?

If you were to ask 10 successful business owners this
question, I’m sure you would get a variety of answers. While every situation is
unique, based on industry, competitive situation, and region of the country,
there are some key themes that I see as a Business Coach. There are common
issues that every business deals with, in their own way and in their own time.
Those who conquer these greatly increase their odds of not only survival, but
real, lasting success.

Know where you are going. Not in general, vague
terms, but in quantifiable specifics. Too many business do not have a set of
intentional goals. Instead they tend to settle for hopes, taking what comes and
simply dealing with it. Hope is not a strategy for success, so take the time to
decide what will define success for you. Write it down, read it back, and see
if it resonates. Is that really what you want?

Be brutally honest with yourself and where you
are now. All the plans in the world won’t mean a hill of beans if you don’t
face facts right where you are. Identity your limitations and address them.
Don’t let romantic dreams of the ‘entrepreneur lifestyle’ cloud your vision.
Take a hard look at what is in front of you right now. What skills do you lack?
Do you have the necessary funds to survive? What help do you need to get
through the hurdles? Don’t postpone the hard decisions.

Dream big. Sounds counter-intuitive to brutal
honesty, but hear me out. The best entrepreneurs are those with one foot in the
clouds and one on the ground. Dreams are powerful motivators, so don’t settle
for mediocre results. If you are going to make the sacrifices required to grow
a successful business, make the goal significant!

Know your customer. Newsflash: it’s not
everyone. The customers you will serve best are a subset of the whole, and it’s
crucial that you get very intentional about who you want to attract. It’s not
just about getting the news out to millions in the hopes of getting a small
share, it’s about knowing who you want, and knowing them very well. Your
marketing messages need to speak to that specific target, so spend the time
necessary to figure that out.

Know your numbers. Some of us are more
comfortable with our financials than others. That’s natural. But as a business
owner, you must have a firm understanding of the financial health of your
business. It’s much more than money in the bank, so if you aren’t the ‘numbers
type’, get someone on your team who is! Operating a business means the back
office is as important as the front, so don’t overlook what your numbers will
tell you.

Build a sales process. Sales is the lifeblood of
any business. New business coming in the door is necessary, and it needs to be
consistent and predictable. Once you really know who you are targeting, figure
out how to find them, speak to them, engage them, and bring them into the fold.
This process of attracting new clients should be easily repeatable. It is made
up of steps that you follow on a regular basis. Why reinvent the wheel every
time? As your business grows, the investment of time in developing your own
sales process will pay off big time!

Be scalable. This is a tricky one, and won’t
happen if you aren’t aware and intentional about how you grow. It’s one thing
to have a ‘mom and pop’ feel to your business when you are getting started and
very small. It’s kind of a ‘all hands on deck’ feeling, with everyone chipping
in when and where they are needed, to make sure the customer’s needs are
met. It’s another thing entirely to take
that method and grow it profitably. Just like your sales process, your needs to
run on a set of repeatable systems. You are going to create them regardless,
just be very intentional about it. Imagine your current business processes
handling 3-4 time the business they are now. Could they support that growth, or
would the wheels come off the engine? Be specific about how things are done,
design efficient steps to get the tasks done, but keep an eye towards the
future. Don’t just do what is necessary for today; build something that can
grow with you.

These
are just a few of the keys to creating a business that will deliver real value,
not only to your customers, but your employees and your family as well.

Every business, no matter how small, has the potential to be great. The road to greatness is full of turning points, of opportunities and challenges. Each turning point provides a chance ... Read More »

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